CCL.AX fails to close above 20-day moving average
CCL.AX ended the week -1.88% lower at 9.39 after flat today on low volume. Trading A$0.11 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was A$0.15 (1.59%), that's slightly below last trading month's daily average range of A$0.16. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being below average.
Prices are trading close to a key support level at 9.37. Unable to break through the key technical resistance level at 9.53, the market closed below it after spiking as high as 9.54 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After spiking up to 9.54 during the day, the stock found resistance at the 20-day moving average at 9.51.
Though Coca-Cola Amatil is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
Selling could accelerate should prices move below the nearby swing low at 9.26 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
Market Conditions for Coca-Cola Amatil Ltd
|Close to R1 Resistance||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bullish Break through SMA 20||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
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